Adecco Group –
Consolidated statements of cash flows (unaudited)
in millions, except share and per share information

For the six months ended June 30 (in EUR)

2011

2010

 

 

 

Cash flows from operating activities

 

 

Net income

242

154

 

 

 

Adjustments to reconcile net income to cash flows from operating activities:

 

 

• Depreciation and amortisation

73

68

• Other charges

3

23

 

 

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

• Trade accounts receivable

(400)

(466)

• Accounts payable and accrued expenses

85

210

• Other assets and liabilities

(33)

41

Cash flows from/(used in) operating activities

(30)

30

 

 

 

Cash flows from investing activities

 

 

Capital expenditures

(50)

(45)

Acquisition of MPS, net of cash acquired

 

(831)

Cash settlements on derivative instruments

(47)

11

Other acquisition and investing activities

 

(9)

Cash used in investing activities

(97)

(874)

 

 

 

Cash flows from financing activities

 

 

Net increase in short-term debt

143

7

Borrowings of long-term debt, net of issuance costs

330

 

Repayment of long-term debt

(214)

(139)

Dividends paid to shareholders

(149)

(91)

Purchase of treasury shares

(134)

 

Cash settlements on derivative instruments

2

 

Other financing activities

1

1

Cash used in financing activities

(21)

(222)

 

 

 

Effect of exchange rate changes on cash

(18)

41

 

 

 

Net decrease in cash and cash equivalents

(166)

(1,025)

 

 

 

Cash and cash equivalents:

 

 

• Beginning of year

549

1,458

• End of period

383

433

The accompanying notes are an integral part of these consolidated financial statements.